Organization: TCW Steel City Senior Lending BDC (the “Company”), was formed as a Delaware limited partnership on October 14, 2024. The Company has conducted private offerings of its common limited partnership interests (the “Units”) to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”). In addition, the Company may issue preferred units, though it currently has no intention to do so. On February 5, 2025 (“Inception” or “Inception Date”), the Company obtained capital commitments from the limited partner totaling $105,152. On April 8, 2025, the Company obtained additional capital commitments from the limited partner totaling $21,030. On August 22, 2025, the Company obtained additional commitments from the limited partner totaling $315,458.

On September 9, 2025, the Company filed an election to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company also intends to file an election to be treated for U.S. federal income tax purposes as a Regulated Investment Company (a “RIC”) under Subchapter M of the U.S Internal Revenue Code of 1986, as amended (the “Code”). The Company is required to meet the minimum distribution and other requirements for RIC qualification. As a BDC and a RIC, the Company is required to comply with certain regulatory requirements.

On November 3, 2025, the Company consummated a conversion of the Company from a Delaware limited partnership to a Delaware statutory trust (the “Conversion”). Upon commencement of the Conversion, the name of the Company was changed from TCW Steel City Perpetual Levered Fund LP to TCW Steel City Senior Lending BDC. Additionally, the Partners' Capital totaling $120,290 was converted into 6,014,515 of Class I Shares of beneficial interest, par value $0.01 (the “Common Shares”). Following the Conversion, the Company expects to conduct private offerings of the Common Shares. At the closing of any private offering, each investor has and will make a capital commitment to purchase Common Shares (the “Capital Commitments”) pursuant to a subscription agreement entered into with the Company. Investors will be required to fund drawdowns to purchase Common Shares up to the amount of their respective Capital Commitments each time the Company delivers a notice to the investors.

The Company commenced operations during the first quarter of fiscal year 2025.

On November 4, 2025, the Company formed a wholly-owned subsidiary, TSC BDC Financing 1 LLC , a single member Delaware limited liability company designed to hold special purpose financing of the Company.

The consolidated financial statements in this annual report on Form 10-K include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany transactions and balances have been eliminated in consolidation.

Investment Objective: The Company will seek to generate attractive risk-adjusted returns primarily through direct investments in senior secured loans to middle market companies or other issuer that generate current income while preserving capital.

Term: The term of the Company commenced on October 14, 2024 and shall continue until the Company is dissolved and terminated pursuant to Article IX.1 of the Amended and Restated Declaration of Trust entered into on January 23, 2026 (the “Declaration of Trust”).

Capital Commitments: On the Inception Date, the Company began accepting subscription agreements from investors for the private sale of its Units. Upon conversion, the Units were converted into Common Shares and the Company began accepting subscription agreements from investors for the private sale of its Common Shares. As of December 31, 2025, the Company has sold 6,014,515 Common Shares for an aggregate offering price of $120,290. Each Shareholder is obligated to contribute capital equal to their respective capital commitment to the Company (each, a “Commitment”) and each Common Share's Commitment obligation is $20.00 per share. The sale of the Units was made pursuant to subscription agreements entered into by the Company and each investor. Under the terms of the subscription agreements, the Company may draw down all or any portion of the undrawn commitment with respect to each Unit or Common Share generally upon at least ten business days’ prior written notice to the unitholders. The amount of capital that remains to be drawn down and contributed is referred to as an “Undrawn Commitment”.

The commitment amount funded does not include amounts contributed in anticipation of a potential investment that the Company did not consummate and therefore returned to the Shareholders as unused capital. As of December 31, 2025, aggregate Commitments, Undrawn Commitments, percentage of Commitments funded and the number of subscribed for Common Shares of the Company were as follows:

Recallable Amount: A Shareholder may be required to re-contribute amounts distributed equal to (a) such Shareholder’s share of all portfolio investments that are repaid to the Company, or otherwise recouped by the Company, and distributed to the Shareholder, in whole or in part, during or after the Commitment period, reduced by (b) all re-contributions made by such Shareholder. This amount, (the “Recallable Amount”) is excluded from the calculation of the accrual based net asset value.